The GST Council approved creation of the tribunal with a national bench in Delhi and three regional benches in Chennai, Kolkata and Mumbai, said a senior government official privy to the deliberations of the council.

The report outlined that travel, media and entertainment, software as a service (SaaS), consumer brands and real estate are the key verticals with high potential international opportunities as digital is fast becoming the preferred channel to reach global audience.

According to news reports, officials of Britain’s top accounting firms met on Friday in London to discuss ways to contain the fall-out of a series of accounting lapses and audit scandals in the past few months.

The Financial Reporting Council (FRC) said the Big Four auditors - which also include PwC, EY and Deloitte - must act swiftly to reverse the decline in this year's audit inspection results if they are to hit targets set by the watchdog.

Kotwal, who started his career with Arthur Anderson, had also set up the internal audit function at Dhabol Power Company apart from spending a decade in KPMG where he was also consulting on risk management.

The fine on KPMG comes amid wider scrutiny of the firm in Britain and South Africa. Once an AIM high-flier, Quindell is facing regulatory probes and it is believed that the accounting firm failed to sufficiently challenge Quindell accounts.